HAS OMBUDSMAN FOR BANKING SERVICES AND INVESTMENTS (OBSI) BINDING AUTHORITY BEEN PROVEN ESSENTIAL AND ASTUTE?
The CSA indicated that it will publish a proposal in the coming year to provide the Ombudsman for Banking Services and Investments (OBSI) with the ability to determine awards that are binding on firms. The OBSI’s data suggests it is unwarranted and shows very infrequent refusals to offer compensation. Offering alternative dispute resolution options, such as mediation, may provide better outcomes for investors. If OBSI is provided with binding authority, a significant increase in procedural fairness would also be needed to ensure objective, unbiased results.